Sales Advance at Medtronic [TheStreet.com]
Summary: Increased sales of Medtronic's pacemakers and implantable cardioverter defibrillators resulted in an overall strong Q2. However, Medtronic's quarterly earnings actually fell to $681 million, or 59 cents/share, down 12% from last year. Despite this, the company beat analyst estimates of 56 cents/share. After accounting for 2Q05's stock option expensing, gains and charges, this quarter's earnings actually climbed 13%. Revenue came in at $3.08 billion, up 11% from last year and exceeding analyst estimates of $2.97 billion. The company now claims approximately 56% of the worldwide ICD market and over 50% of the global pacemaker market. Medtronic's shares advanced 24 cents to $48.95 in after-hours trading Monday.
Related links: Media coverage: MarketWatch, Memphis Business Journal. Commentary: Heartening Test Results May Pump ICD Makers • Medical Device Industry Breathes Sigh of Relief.
Potentially impacted stocks and ETFs: Medtronic (MDT)• Competitors: Boston Scientific Corp (BSX), Johnson & Johnson (JNJ), St. Jude Medical Inc. (STJ) • ETFs: iShares Dow Jones US Medical Devices (IHI), Vanguard Health Care VIPERs (VHT), iShares Dow Jones US Healthcare (IYH).
Seeking Alpha is not affiliated with TheStreet.com.